Bergen_Group

Norway's Bergen Group was able to increase its revenue in 2016 and deliver a profit after taxes, though this was realized through income from discontinued activities. Excluding these, the company suffered a negative bottom line.

Bergen Group has been closely shaved to the point of being unrecognizable, but managed to book a small profit in the third quarter. The company's creditors have forgiven debt of approximately USD 21 million.

Another sign of the crisis that has enveloped the Norwegian subcontractors extension of the pressure on both the energy sector and the shipping industry emerged on Wednesday when Bergen Group opted to declare its own subsidiary, with 70 employees, bankrupt.

The Norwegian government has decided to inject around USD 80 million into the country's shipyard industry, with a special focus on offshore service yards. The shipyards' orderbooks look set to dwindle after 2016, which is one of the reasons for the fresh support.

Two weeks ago the planned transaction went down the drain. Now the parties have reached an agreement and Semco Maritime is back on track to acquire the rig activities on Hanøytangen off the coast of Bergen from Norway's Bergen Group.